According to a report from the Belarusian state news agency on November 4, Belarusian President Alexander Lukashenko has proposed coordinating with Russian fertilizer producers to cut potash production by 10% to boost market prices.
In a meeting with Andrey Rybakov, the newly appointed CEO of Belaruskali (Belarusian Potash Company), Lukashenko stated, "Perhaps we should discuss with the Russians about reducing potash production by 10% or 11%."
According to data from the United States Geological Survey (USGS), global confirmed potash reserves were estimated to exceed 3.6 billion tons in 2023 (excluding the Dead Sea resources, converted to potassium oxide). Belarus and Russia rank second and third globally in potash reserves, holding 20.8% and 18.1% of the world’s total, respectively, accounting for nearly 39% combined.
As major potash producers, Belarus and Russia cutting production could increase global potash market volatility, leading to tighter supplies and potentially higher prices.
Furthermore, as potash prices rise, traders and downstream enterprises may ramp up their reserves, which could further intensify the upward price trend.
Attention: The above information is for commercial reference only due to the diversity of information collected, and Kelewell is not responsible for the authenticity of the data.
